Mixed-income apartment development on Lake Maggiore lands $50 million construction loan
/A 330-unit mixed-income apartment community coming to 6th Street South, just east of Lake Maggiore in south St. Pete, has landed a $50 million construction loan from First Horizon Bank.
The development was first announced in October 2021 and is being developed by Stoneweg US, a St. Pete-based investment firm specializing in multifamily acquisitions and developments.
The group purchased the 14.6-acre parcel, which was previously a mobile home park, in April 2021 for $6.4 million.
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Several prominent properties in the EDGE District have sold for $12 million.
According to a deed recorded October 6th, developer PTM Partners sold the three-story building at 1246 Central Avenue and the street-level retail spaces at the adjacent Moxy hotel to L3 Capital, a Chicago-based private equity real estate investment firm that focuses on urban retail.
The 27,261-square-foot building at 1246 Central Avenue is home to Bosphorous Turkish Cuisine and Amorino Gelato on the ground floor. Digital marketing company WebFX has signed a lease for the third floor but has not yet moved in, while the approximately 8,700-square-foot second floor remains available for office tenants.
The sale also includes the Moxy hotel’s 3,407 square feet of ground-floor retail space, occupied by Floyd’s Barbershop and Solidcore. It does not include the 163-room Moxy hotel itself, which remains part of PTM Partners’ EDGE Collective development.
James Garner and Jim Shiebler of CBRE represented PTM Partners and L3 Capital in the transaction.